Pune, India, Oct. 04, 2023 (GLOBE NEWSWIRE) -- The global agriculture drone market with a valuation of USD 4.17 billion in 2022 and is expected to see significant growth, surging from USD 4.98 billion in 2023 to a substantial USD 18.22 billion by 2030. This growth is marked by a robust Compound Annual Growth Rate (CAGR) of 20.3% throughout the forecast period.
This information is provided by Fortune Business Insights, in its report, titled, “Agriculture Drone Market, 2023-2030.”
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Leading Players Featured in the Research Report:
“Companies leading the Agriculture Drone Market are Drone Deploy (U.S.), DJI (China), Precision Hawk Inc (U.S.), AeroVironment Inc. (U.S.), Trimble Navigation Ltd. (U.S.), 3D Robotics (U.S.), Ag Eagle (U.S.), Parrot Drone (France), Sintera LLC (U.S.), Delair Tech SAS (France).”
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 20.3% |
| 2030 Value Projection | USD 18.22 Billion |
| Market Size in 2023 | USD 4.98 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 200 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Agriculture Drone Market Growth Drivers | Rising Support by Various Governments for Agriculture Drones to Propel Market Expansion |
| Improved Cost-effectiveness by Using Agriculture Drones to Catalyze the Market Growth |
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Segmentation:
Hybrid Drones to Grow at Faster Pace during Forecast Period
Based on type, the market is divided into rotary-wing, fixed-wing, and hybrid. The rotary-wing segment held the highest share in the market in 2019 and is estimated to maintain its spot as a leading segment during the forecast period.
Hardware Segment Led the Market in 2019
Based on components, the market is segmented into hardware and software. The hardware segment is further sub-segmented into frames, control systems, propulsion systems, navigation systems, payload, avionics, and others.
Field Mapping & Monitoring to Record a Great CAGR
In terms of application, the market is segmented into field mapping & monitoring, crop spraying, crop scouting, variable rate application, livestock monitoring, and others. The field mapping & monitoring segment held the largest share in 2019 and is anticipated to maintain its dominance during the forecast period.
Geographically, the global market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
Drivers and Restraints:
Surging Usage of Small Drones in Agriculture to Drive Demand
In the agriculture sector, numerous technological progressions have affirmatively influenced farming productivity over the last few years. UAVs are one such prime developments and are expansively utilized in agricultural functioning currently with the assistance of next-gen hardware and software. Technological development in constituents, sensors, and sizes have effectively established mini, autonomous, and unmanned rotorcrafts. This is among the significant factors predicted to drive the growth of the market.
However, the other prime topic of worry for the market is the strict principles placed in numerous nations on the flying of unmanned aerial systems at specific heights. Furthermore, the absence of consciousness among the large farmer populations is also restraining the demand for this equipment in various nations.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
- Latest technological Advancements
- Porters Five Forces Analysis
- Supply Chain Analysis
- Impact of COVID-19 Pandemic on Global Agriculture Drone Market
- Global Agriculture Drone Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Segmental Definitions
- Market Analysis, Insights and Forecast – By Type
- Fixed Wing
- Rotary Wing
- Hybrid
- Market Analysis, Insights and Forecast – By Components
- Hardware
- Frames
- Control Systems
- Propulsion Systems
- Navigation Systems
- Payload
- Avionics
- Others
- Software
- Imaging Software
- Data Management Software
- Data Analytics Software
- Others
- Hardware
- Market Analysis, Insights and Forecast – By Application
- Field Mapping
- Crop Spraying
- Crop Scouting
- Variable Rate Application
- Livestock Monitoring
- others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued...!
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Report Coverage:
The report presents a holistic study of the agriculture drone market along with present trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions, or driving factors is also mentioned in the report. Step by step, a thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the agriculture drone market growth are shared in the report.
Regional Insights:
Europe to Hold Largest Share Backed by Strong Research and Development Facilities
Europe captured a significant global market share in 2022 owing to the surging demand for the drones, rising funding, and strong research and development capabilities of the region. Moreover, the growing number of startups such as Gamaya, Delair, Accelerated Dynamics, and others will further aid regional market expansion.
Meanwhile, Asia Pacific is projected to record the highest growth rate in the forecast timeframe due to presence of large agricultural countries such as India, Indonesia, China, and others. The rising demand for UAVs from these countries and growing focus of market players on developing advanced products will further facilitate regional market expansion.
Competitive Landscape:
Innovative Product Launches by Leading Companies to Drive Market Expansion
Industry leaders usually make tactical moves such as collaborations, partnerships, mergers and acquisitions, and product launches to hold a dominant share in the global market. For example, in November 2021, XAG announced its plans to launch its P40 and V40 agricultural drones worldwide, thus bringing digital agriculture to rural areas with geriatric populations and poor infrastructure. The XAG V40 and P40 are fully autonomous drones capable of mapping, spraying, and farm broadcasting.
Key Industry Development:
March 2023 – Avikus and Korea Shipbuilding & Offshore Engineering, a subsidiary of Hyundai, entered into an agreement to carry out an experiment on fuel efficiency by implementing self-governing navigation systems. The venture incorporates five firms, Pan Ocean, POS SM, Korea Shipbuilding & Offshore Engineering, Avikus, and Korean Register of Shipping.
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